In the middle of yet another winter I am still considering purchasing a second home in the Canaan Valley area.

At this point I am quite familiar with the effects of the recession as well as the difficult state of Timberline.

I am more thinking of a valley home for year round use (not specifically winter) as there is so much to offer.

However, I am surprised to find almost no foreclosures, no real FSBO's, and also very high asking prices for most properties.

The houses appear to spend years on the market, and there are literally hundreds for sale, yet the prices do not seem to reflect that.  Are the realtors keeping the ceiling artificially high?

When looking for comps of houses that have actually sold, the numbers are all over the place (what few sales there have been).

Is it possible to go in and get good deals?  Or are these homes just perpetually on the market because the owners are so attached to them?

I must say with Corridor H finished in November I am averaging less than 2 hours 40 minutes out there almost every weekend, which is amazing.

I guess no one is buying second homes anymore?  It seems even 10 years ago people were saying Davis is about to be discovered.  Maybe it's because they don't advertise?  Snowshoe seems to have figured that part out. 

Thanks for any insight.

I've seen that license plate...ever drive Braddock Rd?

I don't know much about the Canaan market, but I'm guessing it is a local phenomenon. I would guess most people have skiing as a #1 reason to buy a house in that area, and Timberline is so tenuous and has such an abbreviated ski season (sadly) compared to other mid-atlantic areas it's not as attractive a second-home market as it should be. At least that's how I see it. 

Timberline ski area going belly up would badly affect the local market, especially the homes around the ski area. Honestly, I would hold off on that kind of purchase until Timberline's fate plays out.

I just purchased this past August (old Timberline), and have been watching the market in Canaan for a couple of years now. I agree with the statement that the area hasn't fully recovered from the recession, and that it's still somewhat undiscovered; however that seems to be quickly changing. 
Up until this past fall there were a number of fixer uppers on the market, but with the completion of Corridor-H, and the strong economy like-minded individuals have been picking them up. Just to do a bit of my own vetting I talked to some of the business owners in Davis about how business had been over the summer, and every one of them said it has been by far their busiest summer to date. 
There does seem to be a supply of overpriced homes, but that stems from another phenomenon - Airbnb. Most people are making great rental income, and not just during the winter months. The majority of people looking to purchase are looking for an escape year round. So why the short ski season does hurt it doesn’t have that large of an impact on rental income or people looking to purchase. 
I’m rooting for Timberline (have to support local small business) but whether they’re forced to sell, or worse yet did happen to go under Timberline would be bought up immediately. There has already been eyes on Tline, and offers made. 

One last comment, though I have mixed feelings on the Nature Conservancy and their purchasing of much of the land that could be one of the best resorts East of the Rockies, provide thousands of jobs, income/tourism tax revenue, and finally enough year round employment to actually keep people from leaving the area in droves ----- here comes the positive ”“ by them locking up the valley it will continue to keep real estate prices driving higher. Think of Jackson, WY just without the Economic Symposium or celebrities, but that’s ok because Canaan has the Jack Frost Celebration. 

Cheers,

Seems like Timberline going belly up would be best case scenario.  Bankruptcy court isn't swift and economy could take a 12-24 month hit, but the upside is the resort would almost certainly end up in the hands of a new and well capitalized owner.  

Homeowner of 25 years here.  Our first was a starter condo at Timberline in Northwoods.  Still own the unit and stay there during ski season.  Bought real estate and during the boom flipped a few properties and then invested the profits in a house in Dryfork.   The wifey saw a house close in and we jumped on it. (hint, offer 70/50k less than asking)  We pulled the trigger and are moving there FT this spring.  We had the house on the rental market grossing over 30k/year but after costs and improvements we of course showed a loss.  We have built a garage w/loft and are loving life. Rentals were best during summer months and fall weekends.  Winter rentals were a hassle and not cost efective due to "issues."  If looking to purchase don't consider it an investment.  You won't make enough to make it worthwhile but if you want to spend time in the valley and live the lifestyle by all means make the jump.  

The market has been dead for the last five years and comps are not readily available.  Lots of properties have for sale on them but owners are usually fishing. One warning... check out HOAs and associated fees before buying.  Some of the HOAs have Nazis in charge and they can make your life miserable.  On a final note... concerniong the fate of T-line... we all want to see the current owners make it but that's yet to be seen. If they don't there is still the state part and two other resorts within a commute if necessary.   My financial investment would be enhanced by their success but it won't kill me. We love the area, the people, and the lifestyle. 

I'm also interested in a property in the Valley.   Which HOAs are to be avoided?

My house up there started seeing a nice uptic in rentals this summer and has carried over to this winter...one thing i have noticed is a strong weekend rental and less weekly rentals...im thinking the shorter drive from the DC metro is causing that?